Xilio Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
04 April 2023 - 6:05AM
Xilio Therapeutics, Inc. (Nasdaq: XLO), a biotechnology
company developing tumor-activated immuno-oncology therapies for
people living with cancer, today announced that the Compensation
Committee of the Board of Directors granted a non-qualified stock
option to purchase 55,000 shares of common stock to Kevin Brennan,
the company’s newly hired Senior Vice President, Finance and
Accounting. The stock option was granted effective as of April 1,
2023 under Xilio Therapeutics’ 2022 Inducement Stock Incentive
Plan, as an inducement material to Mr. Brennan entering into
employment with the company in accordance with Nasdaq Listing Rule
5635(c)(4).
The stock option has an exercise price of $3.17 per share, which
is equal to the closing price of the company’s common stock on
March 31, 2023. The stock option has a ten-year term and will vest
as to 25% of the shares underlying the stock option on the first
anniversary of Mr. Brennan’s commencement of employment, and the
remaining 75% of the shares underlying the stock option will vest
in 36 equal monthly installments thereafter, subject to continued
service to the company or any of its subsidiaries through each
applicable vesting date. The stock option is subject to the terms
and conditions of Xilio Therapeutics’ 2022 Inducement Stock
Incentive Plan and the terms and conditions of the stock option
agreement covering the grant.
About Xilio Therapeutics
Xilio Therapeutics is a clinical-stage biotechnology company
discovering and developing tumor-activated immuno-oncology (I-O)
therapies with the goal of significantly improving outcomes for
people living with cancer without the systemic side effects of
current I-O treatments. The company is using its proprietary
geographically precise solutions (GPS) platform to build a pipeline
of novel, tumor-activated molecules, including cytokines and other
biologics, which are designed to optimize their therapeutic index
and localize anti-tumor activity within the tumor microenvironment.
Xilio is currently advancing multiple programs for tumor-activated
I-O treatments in clinical development, as well as programs in
preclinical development. Learn more by visiting
www.xiliotx.com and follow us on Twitter (@xiliotx) and
LinkedIn (Xilio Therapeutics, Inc.).
This press release contains hyperlinks to information that is
not deemed to be incorporated by reference in this press
release.
For Investor Inquiries:
Melissa ForstArgot PartnersXilio@argotpartners.com
For Media Inquiries:
Julissa VianaVice President, Corporate
Communicationsmedia@xiliotx.com
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